Financial Services Industry
Industry: Email Alert RSS FeedFriends stays silents over F&C sell-off questions.
Financial Adviser, January, 2008
Friends Provident is said to be on the verge of offloading its stake in asset manager F&C as the insurer attempts to turn the group around.
The life company, however, would not comment on speculation it will sell its 53 per cent stake in F&C - worth about AGBP470m - as part of a strategic review.
However, Friends confirmed that it would give an update to the market on 31 January, when it will also announce its latest new business figures.
Friends Provident is coming out of a tough year in which it failed in its attempts to merge with Resolution, while facing takeover rumours and general market jitters.
It announced the review in November, when Philip Moore, group chief executive, left.
Last week, the company announced...
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